March Global and Domestic Energy Update

Posted: April 26, 2023

High-Level US Articles

US approves Alaskan oil and gas project

Joe Biden has given his approval to the $8 billion Willow Project in Alaska, which has a potential daily oil production capacity of 180,000 barrels. Due to the US Bureau of Land Management’s prediction of up to 278 million metric tonnes of carbon emissions, the move has drawn criticism. The project’s sponsor, ConocoPhillips, claims it would boost local investment and job opportunities. The project is expected to take several years before oil will begin to flow, and along the way, there is not only much work to be done but also many people to overcome.

U.S. auctions off Arizona-sized stretch of the Gulf of Mexico for oil and gas drilling

Environmentalists have expressed concern that the Biden administration’s sale of a section of the Gulf of Mexico for oil and gas drilling may lock in oil and gas development for the next 50 years. The offshore oil and gas lease auction that the Biden administration increased the royalty rate for had the potential to yield 1 billion barrels of oil and 4 trillion cubic feet of natural gas over the course of 50 years. Although BOEM has the authority to grant leases in the public interest, Chevron stands to lose millions if this is done.

Department of Energy Says Oil And Gas Is Needed ‘For Years To Come’

Despite President Joe Biden’s opinion that the sector has just “another decade” left in it, Energy Secretary Jennifer Granholm stated that oil and gas would continue to be a component of the energy mix for years to come. Vicki Hollub, CEO of Occidental, praises Biden’s dedication to carbon capture but criticizes his views on how long the industry will be around for. By providing licenses for energy projects in a reasonable and timely manner, the U.S. can increase the energy security and independence of its nation and export oil to countries around the world that need and will pay for it.

Enbridge doubles down on Gulf Coast in big bet on oil and gas demand

Greg Ebel of Enbridge predicts that, despite governments investing billions in the switch to renewable energy, demand for North American oil and gas will increase over the next ten years. Investors are optimistic about the future of oil and gas prices, which are expected to reach triple-digit levels by the end of this year. Enbridge is investing US$350 million to create a “super system” to compete with its long-standing heavy system in Canada by purchasing 35 billion cubic feet of extra storage assets and constructing a new heavy-oil terminal in Houston. With an established liquefied natural gas export business, the construction of the Trans Mountain pipeline, and investments in emissions reduction, Canada is well-positioned to play a bigger role in supplying ethically generated energy supplies to the globe in 2023.


High-Level Global Articles

Canada’s Oil And Gas Industry Expects Upstream Investment To Surge This Year

Investments in the Canadian oil and gas sector are anticipated to reach pre-pandemic levels of C$40 billion, an 11% increase above 2022 levels. While Tourmaline Oil Corp. sends its natural gas to the U.S. Gulf Coast for liquefaction, Alberta is extending its reach into new markets. Canada is making investments in reducing emissions as well. Over C$2 billion will be spent on research and development by 2025, up from C$1.4 billion last year. Most of the oil from Canada is coming from Alberta and travels down to the U.S. to be refined and or exported overseas.

Saudi oil giant Aramco posts record $161 billion profit for 2022

Aramco announced a record net income of $161.1 billion for 2022, almost doubling Exxon Mobil’s profit. This resulted from rising oil and gas prices as well as increased sales volumes. “Persistent underinvestment” in the hydrocarbons industry, Nasser cautioned, could cause prices to skyrocket. In order to meet output objectives, the OPEC+ producers’ coalition has been led by Saudi Arabia, setting up a verbal spat with the United States. By 2027, Aramco hopes to reach a production capacity of 13 million barrels per day through investments.

Chad nationalises Exxon’s oil and gas assets

All of Exxon Mobil’s oil and gas assets, including hydrocarbon licenses, have been nationalized by Chad. Exxon Mobil completed the sale of its assets in Chad and Cameroon to Savannah Energy in December 2022 for a price of $407 million. The transaction was a part of Exxon’s strategy to leave Africa in light of the continent’s dwindling crude oil output and to concentrate on its LNG project in Mozambique and more lucrative operations in the Americas. The government has officially objected to the operation and has issued a warning that it may ask the courts to halt the sale and take further action to safeguard its interests.

Equinor makes Norway oil and gas discovery

Near the Troll field in the North Sea, Equinor discovered oil and gas that is estimated to have between 24 million and 84 million barrels of oil equivalent. Because it can utilize current infrastructure linked to the business’ floating processing and lodging platform Troll B, it is commercially intriguing. To more accurately assess the extent of the discovery and the amounts that may be retrieved, an appraisal well is required.

End-of-Month Prices

Futures and IndexesPrice (USD)Year over Year
WTI Crude76.65-14.3%
Brent Crude79.89-7.2%
OPEC Basket78.12-12.2%
Canadian Crude61.50-27.5%
Natural Gas2.216-48.8%

DUC Count Graph

Rig Count Table

Basin/TerritoryRig Count March 31st, 2022Month Over Month Change
DJ/Niobrara/Piceance – Colorado17+1
Powder River Basin – Wyoming180
SCOOP/STACK – Oklahoma56-8
Marcellus – Pennsylvania41+5
Williston – North Dakota41-1
Permian – Texas/New Mexico358+5
Eagle Ford – Texas68-3

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